WARREN, Pa., Jan. 25, 2011 /PRNewswire/ -- Northwest
Bancshares, Inc. (NasdaqGS: NWBI) announced net income for the
quarter ended December 31, 2010 of
$12.7 million, or $0.12 per diluted share. This represents an
increase of $11.7 million over the
same quarter last year when net income was $1.0 million, or $0.01 per diluted share, and a decrease of
$2.8 million compared to the quarter
ended September 30, 2010 when net
income was $15.5 million, or
$0.14 per diluted share. The
annualized returns on average shareholders' equity and average
assets for the current quarter were 3.90% and 0.63% compared to
0.46% and 0.05% for the same quarter last year and 4.72% and 0.76%
for the quarter ended September 30,
2010.
The Company also announced that its Board of Directors declared
a quarterly cash dividend of $0.10
per share payable on February 17,
2011, to shareholders of record as of February 4, 2011. This represents the 65th
consecutive quarter in which the Company has paid a cash dividend.
In making this announcement, William J.
Wagner, President and CEO, noted, "We are pleased to report
record annual earnings of $57.5
million during a year when the banking industry continued to
be challenged by economic and regulatory issues. Our core
earnings for the year increased approximately 32% over the previous
year while we grew our loan portfolio by 4.4% and our deposits by
2.5%. Most notably, our checking deposits grew by
$102.4 million, or 8.2%. Given
the significant strength of our current capital position, we
initiated our previously-announced common stock repurchase program
on December 20, 2010, and prior to
the end of the year purchased 555,000 shares, at an average
purchase price of $11.69.
Following the completion of these repurchases, our tangible
common equity ratio was 14.2%, and all capital ratios were far in
excess of regulatory requirements."
Net interest income increased by $9.2
million, or 15.8%, to $67.2
million for the quarter ended December 31, 2010, from $58.0 million for the quarter ended December 31, 2009, which was primarily
attributable to an increase in interest income from loans
receivable and a decrease in the cost of deposits. Interest
income on loans receivable increased by $2.8
million, or 3.5%, to $83.1
million as the Company's average loans outstanding increased
by $323.2 million, or 6.2%.
Interest expense on deposits decreased by $5.8 million, or 25.5%, to $17.0 million as a result of a decrease in market
interest rates and continued improvement in the mix of deposits as
lower-cost transaction accounts growing more rapidly than other
types of deposits.
The provision for loan losses decreased by $582,000, or 4.0%, to $13.9 million for the quarter ended December 31, 2010, from $14.5 million a year ago. As of
December 31, 2010, the allowance for
loan losses was $76.4 million, or
1.38% of total loans, compared to $70.4
million, or 1.33% of total loans, as of December 31, 2009. Loans 90 days or more
delinquent were $100.4 million as of
December 31, 2010, compared to
$109.8 million as of December 31, 2009. The ratio of
nonperforming assets to total assets increased to 2.08%, from 1.81%
at the beginning of the year, as the Company was more aggressive in
placing troubled, but current, loans on nonaccrual.
Noninterest income decreased by $2.1
million, or 12.3%, to $15.2
million for the quarter ended December 31, 2010, from $17.3 million for the quarter ended December 31, 2009. This decrease was
primarily attributable to a $3.5
million bargain purchase gain recorded in the quarter ended
December 31, 2009 related to the
acquisition of Keystone State Savings Bank. Partially
offsetting this decrease were increases in mortgage banking income
and insurance commission income. Mortgage banking income
increased by $431,000, or 43.4%, to
$1.4 million for the quarter ended
December 31, 2010, from $992,000 for the quarter ended December 31, 2009 resulting from more favorable
pricing in the secondary market. Insurance commission income
increased by $743,000, or 120.0%, to
$1.4 million for the quarter ended
December 31, 2010, from $619,000 for the quarter ended December 31, 2009 due to the acquisition of
Veracity Benefits Design, Inc., an employee benefits firm
specializing in services to employer and employee groups.
Noninterest expense decreased by $13.5
million, or 21.1%, to $50.7
million for the quarter ended December 31, 2010, from $64.2 million in the prior year. This
decrease is primarily due to a $13.8
million non-recurring contribution expense recognized during
the quarter ended December 31, 2009
related to the establishment of a charitable foundation in
conjunction with our second-step common stock offering.
Partially offsetting this decrease were increases in premises
and occupancy costs and processing expenses relating to the growth
of the company. Premises and occupancy costs increased by
$233,000, or 4.3%, to $5.7 million of the quarter ended December 31, 2010, from $5.4 million for the quarter ended December 31, 2009. Processing expenses
increased by $212,000, or 3.6%, to
$6.0 million for the quarter ended
December 31, 2010, from $5.8 million for the quarter ended December 31, 2009.
Net income for the year ended December
31, 2010 of $57.5 million, or
$0.53 per diluted share, represents
an increase of $24.8 million, or
76.2% compared to net income of $32.7
million, or $0.30 per diluted
share, for the year ended December 31,
2009. The annualized returns on average shareholders'
equity and average assets were 4.40% and 0.71%, respectively, for
the current year compared to 4.71% and 0.46%, respectively, in the
prior year. Year over year, net interest income increased by
$29.0 million, or 12.7%, noninterest
income increased by $7.6 million, or
14.2%, and noninterest expense decreased by $4.0 million, or 2.0%.
The Company also announced that its Board of Directors
authorized the closing of its three offices in the south
Florida market, which have
combined deposits of $59.0 million
and loans of $106.1 million.
The offices will be closed in 2011, but the timing of the
closings has not been determined.
Founded in 1896 and headquartered in Warren, Pennsylvania, Northwest Bancshares,
Inc., through its subsidiary Northwest Savings Bank, currently
operates 171 community banking locations in Pennsylvania, New
York, Ohio, Maryland and Florida. Northwest Savings Bank is a
full-service financial institution offering a complete line of
retail and business banking products as well as investment
management and trust services. The Company also operates 52
consumer finance offices in Pennsylvania through its subsidiary, Northwest
Consumer Discount Company. Northwest Bancshares, Inc.'s stock
is listed on the NASDAQ Global Select Market. Additional
information regarding Northwest Bancshares, Inc. can be accessed
on-line at www.northwestsavingsbank.com.
Forward-Looking Statements - This press release may contain
forward-looking statements with respect to the financial condition
and results of operations of Northwest Bancshares, Inc. including,
without limitations, statements relating to the earnings outlook of
the Company. These forward-looking statements involve certain risks
and uncertainties. Factors that may cause actual results to differ
materially from those contemplated by such forward-looking
statements, include among others, the following possibilities: (1)
changes in the interest rate environment; (2) competitive pressure
among financial services companies; (3) general economic conditions
including an increase in non-performing loans that could result
from an economic downturn; (4) changes in legislation or regulatory
requirements; (5) difficulties in continuing to improve operating
efficiencies; (6) difficulties in the integration of acquired
businesses; and (7) increased risk associated with an increase in
commercial real-estate and business loans and non-performing loans.
Management has no obligation to revise or update these
forward-looking statements to reflect events or circumstances that
arise after the date of this release.
Northwest
Bancshares, Inc. and Subsidiaries
|
|
Consolidated
Statements of Financial Condition
|
|
(Dollars in
thousands, except per share amounts)
|
|
|
|
|
|
|
|
December
31,
|
|
Assets
|
2010
|
|
2009
|
|
Cash and cash
equivalents
|
$
40,708
|
|
69,265
|
|
Interest-earning deposits in
other financial institutions
|
677,771
|
|
1,037,893
|
|
Federal funds sold and other
short-term investments
|
632
|
|
632
|
|
Marketable securities
available-for-sale (amortized cost of $945,791 and
$1,059,177)
|
950,683
|
|
1,067,089
|
|
Marketable securities
held-to-maturity (fair value of $354,126 and $0)
|
357,922
|
|
-
|
|
|
Total cash, interest-earning
deposits and marketable securities
|
2,027,716
|
|
2,174,879
|
|
|
|
|
|
|
Loans held for sale
|
11,376
|
|
1,164
|
|
Mortgage loans - one- to four-
family
|
2,386,928
|
|
2,334,538
|
|
Home equity loans and lines of
credit
|
1,092,606
|
|
1,067,584
|
|
Consumer loans
|
259,123
|
|
286,292
|
|
Commercial real estate
loans
|
1,350,319
|
|
1,238,217
|
|
Commercial business
loans
|
433,653
|
|
371,670
|
|
|
Total loans
receivable
|
5,534,005
|
|
5,299,465
|
|
Allowance for loan
losses
|
(76,412)
|
|
(70,403)
|
|
|
Loans receivable, net
|
5,457,593
|
|
5,229,062
|
|
|
|
|
|
|
Federal Home Loan Bank stock, at
cost
|
60,080
|
|
63,242
|
|
Accrued interest
receivable
|
26,216
|
|
25,780
|
|
Real estate owned,
net
|
20,780
|
|
20,257
|
|
Premises and Equipment,
net
|
128,101
|
|
124,316
|
|
Bank owned life
insurance
|
132,237
|
|
128,270
|
|
Goodwill
|
171,882
|
|
171,363
|
|
Other intangible
assets
|
3,942
|
|
4,678
|
|
Other assets
|
119,608
|
|
83,451
|
|
|
Total assets
|
$
8,148,155
|
|
8,025,298
|
|
|
|
|
|
|
|
Liabilities
and Shareholders' equity
|
|
|
|
|
Liabilities
|
|
|
|
|
Noninterest-bearing demand
deposits
|
$
575,281
|
|
487,036
|
|
Interest-bearing demand
deposits
|
782,257
|
|
768,110
|
|
Savings deposits
|
1,948,882
|
|
1,744,537
|
|
Time deposits
|
2,457,916
|
|
2,624,741
|
|
|
Total deposits
|
5,764,336
|
|
5,624,424
|
|
Borrowed funds
|
891,293
|
|
897,326
|
|
Advances by borrowers for taxes
and insurance
|
22,868
|
|
22,034
|
|
Accrued interest
payable
|
1,716
|
|
4,493
|
|
Other liabilities
|
57,398
|
|
57,412
|
|
Junior subordinated
debentures
|
103,094
|
|
103,094
|
|
|
Total liabilities
|
6,840,705
|
|
6,708,783
|
|
|
|
|
|
|
Shareholders' equity
|
|
|
|
|
Preferred stock, $0.01 par
value, 50,000,000 shares authorized, no shares issued
|
-
|
|
-
|
|
Common stock, $0.01 par value:
500,000,000 shares authorized, 110,295,117 shares
|
|
|
|
|
|
and 110,641,858 shares issued,
respectively
|
1,103
|
|
1,106
|
|
Paid-in-capital
|
824,164
|
|
828,195
|
|
Retained earnings
|
523,089
|
|
508,842
|
|
Unallocated common stock of
Employee Stock Ownership Plan
|
(27,409)
|
|
(11,651)
|
|
Accumulated other comprehensive
loss
|
(13,497)
|
|
(9,977)
|
|
|
Total shareholders'
equity
|
1,307,450
|
|
1,316,515
|
|
|
Total liabilities and
shareholders' equity
|
$
8,148,155
|
|
8,025,298
|
|
|
|
|
|
|
|
|
Equity to assets
|
16.05%
|
|
16.40%
|
|
|
|
Tangible common equity to
assets
|
14.19%
|
|
14.53%
|
|
|
|
Book value per share
|
$11.85
|
|
$11.90
|
|
|
|
Tangible book value per
share
|
$10.26
|
|
$10.31
|
|
|
|
Closing market price per
share
|
$11.78
|
|
$11.27
|
|
|
|
Full time equivalent
employees
|
1,881
|
|
1,867
|
|
|
|
Number of banking
offices
|
171
|
|
171
|
|
|
|
|
|
|
|
Northwest
Bancshares, Inc. and Subsidiaries
|
|
Consolidated
Statements of Income - Unaudited
|
|
(Dollars in
thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
|
|
|
December
31,
|
|
September
30,
|
|
|
|
|
|
2010
|
|
2009
|
|
2010
|
|
Interest income:
|
|
|
|
|
|
|
|
Loans receivable
|
83,096
|
|
80,322
|
|
83,372
|
|
|
Mortgage-backed
securities
|
5,886
|
|
6,405
|
|
6,534
|
|
|
Taxable investment
securities
|
428
|
|
1,246
|
|
489
|
|
|
Tax-free investment
securities
|
3,111
|
|
2,678
|
|
3,090
|
|
|
Interest-earning
deposits
|
496
|
|
226
|
|
524
|
|
|
|
Total interest income
|
93,017
|
|
90,877
|
|
94,009
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense:
|
|
|
|
|
|
|
|
Deposits
|
17,025
|
|
22,839
|
|
17,772
|
|
|
Borrowed funds
|
8,762
|
|
9,994
|
|
9,587
|
|
|
|
Total interest
expense
|
25,787
|
|
32,833
|
|
27,359
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
67,230
|
|
58,044
|
|
66,650
|
|
Provision for loan
losses
|
13,918
|
|
14,500
|
|
9,871
|
|
|
|
Net interest income after
provision
|
|
|
|
|
|
|
|
|
for loan losses
|
53,312
|
|
43,544
|
|
56,779
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income:
|
|
|
|
|
|
|
|
Impairment losses on
securities
|
(1,841)
|
|
(5,920)
|
|
(1,830)
|
|
|
Noncredit related losses on
securities not expected
|
|
|
|
|
|
|
|
|
to be sold (recognized in other
comprehensive income)
|
1,006
|
|
5,004
|
|
1,438
|
|
|
Net impairment losses
|
(835)
|
|
(916)
|
|
(392)
|
|
|
Gain on sale of investments,
net
|
8
|
|
26
|
|
17
|
|
|
Service charges and
fees
|
9,296
|
|
9,343
|
|
9,821
|
|
|
Trust and other financial
services income
|
1,907
|
|
1,958
|
|
1,600
|
|
|
Insurance commission
income
|
1,362
|
|
619
|
|
1,393
|
|
|
Loss on real estate owned,
net
|
(279)
|
|
(120)
|
|
(2,014)
|
|
|
Income from bank owned life
insurance
|
1,228
|
|
1,195
|
|
1,212
|
|
|
Mortgage banking
income
|
1,423
|
|
992
|
|
752
|
|
|
Gain on bargain purchase of
Keystone State Savings Bank
|
-
|
|
3,503
|
|
-
|
|
|
Other operating
income
|
1,058
|
|
695
|
|
1,439
|
|
|
|
Total noninterest
income
|
15,168
|
|
17,295
|
|
13,828
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest expense:
|
|
|
|
|
|
|
|
Compensation and employee
benefits
|
25,328
|
|
25,637
|
|
24,565
|
|
|
Premises and occupancy
costs
|
5,675
|
|
5,442
|
|
5,648
|
|
|
Office operations
|
3,233
|
|
3,372
|
|
4,460
|
|
|
Processing expenses
|
6,041
|
|
5,829
|
|
5,863
|
|
|
Marketing expenses
|
2,930
|
|
4,106
|
|
2,208
|
|
|
Federal deposit insurance
premiums
|
2,334
|
|
2,148
|
|
2,424
|
|
|
Professional services
|
291
|
|
691
|
|
1,126
|
|
|
Amortization of intangible
assets
|
518
|
|
649
|
|
725
|
|
|
Real estate owned
expense
|
636
|
|
691
|
|
654
|
|
|
Acquisition expense
|
591
|
|
-
|
|
220
|
|
|
Contribution to Northwest
Charitable Foundation
|
-
|
|
13,822
|
|
-
|
|
|
Other expense
|
3,122
|
|
1,850
|
|
1,155
|
|
|
|
Total noninterest
expense
|
50,699
|
|
64,237
|
|
49,048
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
17,781
|
|
(3,398)
|
|
21,559
|
|
|
Income tax expense
|
5,043
|
|
(4,404)
|
|
6,068
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
12,738
|
|
1,006
|
|
15,491
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share
|
$
0.12
|
|
$
0.01
|
|
$
0.14
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share
|
$
0.12
|
|
$
0.01
|
|
$
0.14
|
|
|
|
|
|
|
|
|
|
|
|
Annualized return on average
equity
|
3.90%
|
|
0.46%
|
|
4.72%
|
|
Annualized return on average
assets
|
0.63%
|
|
0.05%
|
|
0.76%
|
|
|
|
|
|
|
|
|
|
|
|
Basic common shares
outstanding
|
108,337,001
|
|
109,286,606
|
|
108,340,566
|
|
Diluted common shares
outstanding
|
108,848,189
|
|
109,820,238
|
|
108,914,069
|
|
|
|
|
|
|
|
|
|
|
Northwest
Bancshares, Inc. and Subsidiaries
|
|
Consolidated
Statements of Income
|
|
(Dollars in
thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
ended
|
|
|
|
|
|
December
31,
|
|
|
|
|
|
2010
|
|
2009
|
|
Interest income:
|
|
|
|
|
|
Loans receivable
|
328,948
|
|
320,121
|
|
|
Mortgage-backed
securities
|
25,271
|
|
27,263
|
|
|
Taxable investment
securities
|
2,514
|
|
5,384
|
|
|
Tax-free investment
securities
|
11,738
|
|
11,054
|
|
|
Interest-earning
deposits
|
2,097
|
|
641
|
|
|
|
Total interest income
|
370,568
|
|
364,463
|
|
|
|
|
|
|
|
|
|
Interest expense:
|
|
|
|
|
|
Deposits
|
75,174
|
|
95,394
|
|
|
Borrowed funds
|
37,753
|
|
40,412
|
|
|
|
Total interest
expense
|
112,927
|
|
135,806
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
257,641
|
|
228,657
|
|
Provision for loan
losses
|
40,486
|
|
41,847
|
|
|
|
Net interest income after
provision
|
|
|
|
|
|
|
for loan losses
|
217,155
|
|
186,810
|
|
|
|
|
|
|
|
|
|
Noninterest income:
|
|
|
|
|
|
Impairment losses on
securities
|
(2,741)
|
|
(12,408)
|
|
|
Noncredit related losses on
securities not expected
|
|
|
|
|
|
|
to be sold (recognized in other
comprehensive income)
|
1,193
|
|
6,311
|
|
|
Net impairment losses
|
(1,548)
|
|
(6,097)
|
|
|
Gain on sale of investments,
net
|
2,208
|
|
403
|
|
|
Service charges and
fees
|
37,921
|
|
34,811
|
|
|
Trust and other financial
services income
|
7,252
|
|
6,307
|
|
|
Insurance commission
income
|
5,190
|
|
2,658
|
|
|
Loss on real estate owned,
net
|
(2,572)
|
|
(4,054)
|
|
|
Income from bank owned life
insurance
|
5,080
|
|
4,791
|
|
|
Mortgage banking
income
|
2,196
|
|
7,434
|
|
|
Gain on bargain purchase of
Keystone State Savings Bank
|
-
|
|
3,503
|
|
|
Other operating
income
|
4,671
|
|
3,581
|
|
|
|
Total noninterest
income
|
60,398
|
|
53,337
|
|
|
|
|
|
|
|
|
|
Noninterest expense:
|
|
|
|
|
|
Compensation and employee
benefits
|
100,709
|
|
95,594
|
|
|
Premises and occupancy
costs
|
22,665
|
|
21,963
|
|
|
Office operations
|
13,864
|
|
12,947
|
|
|
Processing expenses
|
23,152
|
|
21,312
|
|
|
Marketing expenses
|
9,875
|
|
9,152
|
|
|
Federal deposit insurance
premiums
|
9,054
|
|
8,309
|
|
|
FDIC special
assessment
|
-
|
|
3,288
|
|
|
Professional services
|
2,728
|
|
2,590
|
|
|
Amortization of intangible
assets
|
2,784
|
|
3,020
|
|
|
Real estate owned
expense
|
2,901
|
|
2,461
|
|
|
Acquisition expense
|
1,229
|
|
-
|
|
|
Contribution to Northwest
Charitable Foundation
|
-
|
|
13,822
|
|
|
Other expense
|
7,547
|
|
6,036
|
|
|
|
Total noninterest
expense
|
196,508
|
|
200,494
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
81,045
|
|
39,653
|
|
|
Income tax expense
|
23,522
|
|
7,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
57,523
|
|
32,653
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share
|
$
0.53
|
|
$
0.30
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share
|
$
0.53
|
|
$
0.30
|
|
|
|
|
|
|
|
|
|
Annualized return on average
equity
|
4.40%
|
|
4.71%
|
|
Annualized return on average
assets
|
0.71%
|
|
0.46%
|
|
|
|
|
|
|
|
|
|
Basic common shares
outstanding
|
108,308,834
|
|
109,078,129
|
|
Diluted common shares
outstanding
|
108,931,377
|
|
109,459,875
|
|
|
|
|
|
|
|
|
Northwest
Bancshares, Inc. and Subsidiaries
|
|
Asset
Quality
|
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Year
ended
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
2010
|
|
2009
|
|
2010
|
|
2009
|
|
Allowance for loan
losses
|
|
|
|
|
|
|
|
|
|
Beginning balance
|
$ 77,245
|
|
67,775
|
|
70,403
|
|
54,929
|
|
|
Provision
|
13,918
|
|
14,500
|
|
40,486
|
|
41,847
|
|
|
Charge-offs mortgage
|
(2,550)
|
|
(137)
|
|
(4,497)
|
|
(1,437)
|
|
|
Charge-offs consumer
|
(2,789)
|
|
(2,530)
|
|
(10,494)
|
|
(7,045)
|
|
|
Charge-offs
commercial
|
(10,318)
|
|
(9,633)
|
|
(21,881)
|
|
(19,334)
|
|
|
Recoveries
|
906
|
|
428
|
|
2,395
|
|
1,443
|
|
|
Ending balance
|
$
76,412
|
|
70,403
|
|
76,412
|
|
70,403
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs to average
loans, annualized
|
1.06%
|
|
0.91%
|
|
0.63%
|
|
0.51%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
|
|
2010
|
|
2009
|
|
2008
|
|
2007
|
|
Nonperforming loans
|
$ 148,391
|
|
124,626
|
|
99,203
|
|
49,610
|
|
Real estate owned,
net
|
20,780
|
|
20,257
|
|
16,844
|
|
8,667
|
|
Nonperforming assets
|
$
169,171
|
|
144,883
|
|
116,047
|
|
58,277
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans to total
loans
|
2.68%
|
|
2.35%
|
|
1.91%
|
|
1.03%
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets to total
assets
|
2.08%
|
|
1.81%
|
|
1.67%
|
|
0.87%
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses to
total loans
|
1.38%
|
|
1.33%
|
|
1.06%
|
|
0.86%
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses to
nonperforming loans
|
51.49%
|
|
56.49%
|
|
55.37%
|
|
84.22%
|
|
|
|
|
|
|
|
|
|
|
Northwest
Bancshares, Inc. and Subsidiaries
|
|
Delinquency
|
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans past due
schedule
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Number of loans and dollar
amount of loans)
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
|
|
2010
|
*
|
|
2009
|
*
|
|
2008
|
*
|
|
Loans past due 30 days to 59
days:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
One- to four- family residential
loans
|
427
|
$ 35,329
|
1.5%
|
|
350
|
$ 27,998
|
1.2%
|
|
392
|
$ 32,988
|
1.3%
|
|
|
Consumer loans
|
1,238
|
12,635
|
0.9%
|
|
1,100
|
11,226
|
0.8%
|
|
1,157
|
11,295
|
0.9%
|
|
|
Multifamily and commercial RE
loans
|
82
|
16,287
|
1.2%
|
|
85
|
16,152
|
1.3%
|
|
99
|
18,901
|
1.8%
|
|
|
Commercial business
loans
|
48
|
6,590
|
1.5%
|
|
48
|
3,293
|
0.9%
|
|
86
|
7,700
|
2.2%
|
|
Total loans past due 30 days to
59 days
|
1,795
|
$
70,841
|
1.3%
|
|
1,583
|
$
58,669
|
1.1%
|
|
1,734
|
$
70,884
|
1.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans past due 60 days to 89
days:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
One- to four- family residential
loans
|
106
|
$ 9,848
|
0.4%
|
|
85
|
$ 6,772
|
0.3%
|
|
101
|
$ 7,599
|
0.3%
|
|
|
Consumer loans
|
437
|
4,580
|
0.3%
|
|
392
|
3,029
|
0.2%
|
|
379
|
2,836
|
0.2%
|
|
|
Multifamily and commercial RE
loans
|
39
|
14,365
|
1.1%
|
|
35
|
5,811
|
0.5%
|
|
54
|
8,432
|
0.8%
|
|
|
Commercial business
loans
|
9
|
1,678
|
0.4%
|
|
26
|
2,474
|
0.7%
|
|
45
|
3,801
|
1.1%
|
|
Total loans past due 60 days to
89 days
|
591
|
$
30,471
|
0.6%
|
|
538
|
$
18,086
|
0.3%
|
|
579
|
$
22,668
|
0.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans past due 90 days or
more:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
One- to four- family residential
loans
|
275
|
$ 29,751
|
1.2%
|
|
279
|
$ 29,373
|
1.3%
|
|
223
|
$ 20,435
|
0.8%
|
|
|
Consumer loans
|
564
|
12,828
|
0.9%
|
|
727
|
12,544
|
0.9%
|
|
687
|
9,756
|
0.7%
|
|
|
Multifamily and commercial RE
loans
|
181
|
44,965
|
3.3%
|
|
199
|
49,594
|
4.0%
|
|
155
|
43,828
|
4.1%
|
|
|
Commercial business
loans
|
111
|
12,877
|
3.0%
|
|
124
|
18,269
|
4.9%
|
|
114
|
25,184
|
7.1%
|
|
Total loans past due 90 days or
more
|
1,131
|
$
100,421
|
1.8%
|
|
1,329
|
$
109,780
|
2.1%
|
|
1,179
|
$
99,203
|
1.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* - Represents delinquency, in
dollars, divided by the respective total amount of that type of
loan outstanding.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Northwest
Bancshares, Inc. and Subsidiaries
|
|
Analysis of
loan portfolio by geographic location
as of December 31,
2010:
|
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage
|
(1)
|
Consumer
|
(2)
|
Commercial
|
(3)
|
Total
|
(4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pennsylvania
|
|
$ 1,942,824
|
81.0%
|
1,170,012
|
86.6%
|
1,077,440
|
60.4%
|
4,190,276
|
75.7%
|
|
|
New York
|
|
162,367
|
6.8%
|
113,153
|
8.4%
|
381,671
|
21.4%
|
657,191
|
11.9%
|
|
|
Ohio
|
|
20,111
|
0.8%
|
15,222
|
1.1%
|
41,834
|
2.4%
|
77,167
|
1.4%
|
|
|
Maryland
|
|
194,607
|
8.1%
|
35,248
|
2.6%
|
155,731
|
8.7%
|
385,586
|
7.0%
|
|
|
Florida
|
|
30,908
|
1.3%
|
12,487
|
0.9%
|
62,673
|
3.5%
|
106,068
|
1.9%
|
|
|
All other
|
|
47,487
|
2.0%
|
5,607
|
0.4%
|
64,623
|
3.6%
|
117,717
|
2.1%
|
|
|
Total
|
|
$
2,398,304
|
100.0%
|
1,351,729
|
100.0%
|
1,783,972
|
100.0%
|
5,534,005
|
100.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) - Percentage of total
mortgage loans
|
|
(2) - Percentage of total
consumer loans
|
|
(3) - Percentage of total
commercial loans
|
|
(4) - Percentage of total
loans
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans 90 or more past
due:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage
|
(5)
|
Consumer
|
(6)
|
Commercial
|
(7)
|
Total
|
(8)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pennsylvania
|
|
$
17,891
|
0.9%
|
9,673
|
0.8%
|
33,304
|
3.1%
|
60,868
|
1.5%
|
|
|
New York
|
|
1,463
|
0.9%
|
523
|
0.5%
|
1,940
|
0.5%
|
3,926
|
0.6%
|
|
|
Ohio
|
|
134
|
0.7%
|
87
|
0.6%
|
-
|
0.0%
|
221
|
0.3%
|
|
|
Maryland
|
|
4,573
|
2.3%
|
1,169
|
3.3%
|
6,051
|
3.9%
|
11,793
|
3.1%
|
|
|
Florida
|
|
4,768
|
15.4%
|
1,326
|
10.6%
|
8,145
|
13.0%
|
14,239
|
13.4%
|
|
|
All other
|
|
922
|
1.9%
|
50
|
0.9%
|
8,402
|
13.0%
|
9,374
|
8.0%
|
|
|
Total
|
|
$
29,751
|
1.2%
|
12,828
|
0.9%
|
57,842
|
3.2%
|
100,421
|
1.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5) - Percentage of
mortgage loans in that geographic area
|
|
(6) - Percentage of
consumer loans in that geographic area
|
|
(7) - Percentage of
commercial loans in that geographic area
|
|
(8) - Percentage of total
loans in that geographic area
|
|
|
|
|
|
|
|
|
|
|
|
|
Northwest
Bancshares, Inc. and Subsidiaries
|
|
Investment
Portfolio
|
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketable securities
available-for-sale as of December 31, 2010:
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
|
|
Gross
|
|
|
|
|
|
|
|
|
unrealized
|
|
unrealized
|
|
|
|
|
|
|
Amortized
|
|
holding
|
|
holding
|
|
Market
|
|
|
|
|
cost
|
|
gains
|
|
losses
|
|
value
|
|
Debt issued by the U.S.
government and agencies:
|
|
|
|
|
|
|
|
|
|
|
Due in one year or
less
|
|
$
67
|
|
-
|
|
-
|
|
67
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt issued by government
sponsored enterprises:
|
|
|
|
|
|
|
|
|
|
|
Due in one year - five
years
|
|
1,989
|
|
93
|
|
-
|
|
2,082
|
|
|
Due in five years - ten
years
|
|
6,495
|
|
347
|
|
-
|
|
6,842
|
|
|
Due after ten years
|
|
9,948
|
|
-
|
|
(53)
|
|
9,895
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity securities
|
|
861
|
|
86
|
|
(1)
|
|
946
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal securities:
|
|
|
|
|
|
|
|
|
|
|
Due in one year - five
years
|
|
3,382
|
|
125
|
|
-
|
|
3,507
|
|
|
Due in five years - ten
years
|
|
37,898
|
|
1,023
|
|
-
|
|
38,921
|
|
|
Due after ten years
|
|
173,255
|
|
1,158
|
|
(8,548)
|
|
165,865
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate trust preferred
securities:
|
|
|
|
|
|
|
|
|
|
|
Due in one year or
less
|
|
100
|
|
-
|
|
-
|
|
100
|
|
|
Due in one year - five
years
|
|
500
|
|
-
|
|
-
|
|
500
|
|
|
Due after ten years
|
|
25,417
|
|
196
|
|
(7,353)
|
|
18,260
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage-backed
securities:
|
|
|
|
|
|
|
|
|
|
|
Fixed rate
pass-through
|
|
111,581
|
|
7,153
|
|
(12)
|
|
118,722
|
|
|
Variable rate
pass-through
|
|
167,685
|
|
7,260
|
|
(8)
|
|
174,937
|
|
|
Fixed rate non-agency
CMO
|
|
13,825
|
|
91
|
|
(843)
|
|
13,073
|
|
|
Fixed rate agency CMO
|
|
112,483
|
|
1,067
|
|
(759)
|
|
112,791
|
|
|
Variable rate non-agency
CMO
|
|
3,274
|
|
-
|
|
(379)
|
|
2,895
|
|
|
Variable rate agency
CMO
|
|
277,031
|
|
4,525
|
|
(276)
|
|
281,280
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total mortgage-backed
securities
|
|
685,879
|
|
20,096
|
|
(2,277)
|
|
703,698
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total marketable securities
available-for-sale
|
|
$
945,791
|
|
23,124
|
|
(18,232)
|
|
950,683
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketable securities
held-to-maturity as of December 31, 2010:
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
|
|
Gross
|
|
|
|
|
|
|
|
|
unrealized
|
|
unrealized
|
|
|
|
|
|
|
Amortized
|
|
holding
|
|
holding
|
|
Market
|
|
|
|
|
cost
|
|
gains
|
|
losses
|
|
value
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt issued by government
sponsored enterprises:
|
|
|
|
|
|
|
|
|
|
|
Due in one year - five
years
|
|
$
26,500
|
|
36
|
|
-
|
|
26,536
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal securities:
|
|
|
|
|
|
|
|
|
|
|
Due after ten years
|
|
80,020
|
|
7
|
|
(3,940)
|
|
76,087
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage-backed
securities:
|
|
|
|
|
|
|
|
|
|
|
Fixed rate
pass-through
|
|
29,820
|
|
410
|
|
(4)
|
|
30,226
|
|
|
Variable rate
pass-through
|
|
9,853
|
|
79
|
|
-
|
|
9,932
|
|
|
Fixed rate agency CMO
|
|
186,948
|
|
924
|
|
(1,701)
|
|
186,171
|
|
|
Variable rate agency
CMO
|
|
24,781
|
|
393
|
|
-
|
|
25,174
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total mortgage-backed
securities
|
|
251,402
|
|
1,806
|
|
(1,705)
|
|
251,503
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total marketable securities
held-to-maturity
|
|
$
357,922
|
|
1,849
|
|
(5,645)
|
|
354,126
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuers of mortgage-backed
securities as of December 31, 2010:
|
|
|
|
|
|
|
|
|
Fannie Mae
|
|
$
347,993
|
|
8,713
|
|
(1,244)
|
|
355,462
|
|
|
Ginnie Mae
|
|
219,589
|
|
4,880
|
|
(638)
|
|
223,831
|
|
|
Freddie Mac
|
|
328,754
|
|
8,218
|
|
(866)
|
|
336,106
|
|
|
SBA
|
|
23,094
|
|
-
|
|
-
|
|
23,094
|
|
|
Non-agency
|
|
17,851
|
|
91
|
|
(1,234)
|
|
16,708
|
|
|
Total
|
|
$
937,281
|
|
21,902
|
|
(3,982)
|
|
955,201
|
|
|
|
|
|
|
|
|
|
|
|
Northwest
Bancshares, Inc. and Subsidiaries
|
|
Investment
Portfolio - Continued
|
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book
|
|
As a
%
|
|
|
|
|
Value
|
|
of
Book
|
|
|
|
|
12/31/2010
|
|
Value
|
|
Municipal securities by
state:
|
|
|
|
|
|
|
Pennsylvania
|
|
|
|
|
|
|
School
district
|
|
$ 140,162
|
|
47.58%
|
|
|
General
obligation
|
|
59,725
|
|
20.28%
|
|
|
Revenue
bonds
|
|
16,664
|
|
5.66%
|
|
|
Total Pennsylvania
|
|
216,551
|
|
73.52%
|
|
|
New York
|
|
33,920
|
|
11.52%
|
|
|
Ohio
|
|
6,426
|
|
2.18%
|
|
|
All other states
|
|
37,658
|
|
12.78%
|
|
|
|
|
$
294,555
|
|
|
|
|
|
|
|
|
|
Average
Balance Sheet - unaudited
|
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
The following table sets forth
certain information relating to the Company's average balance sheet
and reflects the average yield on assets and average cost of
liabilities for the periods indicated. Such yields and costs
are derived by dividing income or expense by the average balance of
assets or liabilities, respectively, for the periods presented.
Average balances are calculated using daily
averages.
|
|
|
|
|
|
|
|
|
|
|
Three months
ended December 31,
|
|
|
2010
|
2009
|
|
|
Average
|
Interest
|
Avg.
|
Average
|
Interest
|
Avg.
|
|
|
Balance
|
|
Yield/
|
Balance
|
|
Yield/
|
|
|
|
|
Cost
|
|
|
Cost
|
|
Assets:
|
|
|
|
|
|
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
Loans receivable (a) (b)
(d)
|
$ 5,565,989
|
83,491
|
5.99%
|
5,242,823
|
80,160
|
6.13%
|
|
Mortgage-backed
securities (c)
|
879,958
|
5,886
|
2.68%
|
744,755
|
6,405
|
3.44%
|
|
Investment securities (c)
(d)
|
365,003
|
5,213
|
5.71%
|
349,309
|
5,365
|
6.14%
|
|
FHLB stock
|
61,042
|
-
|
-
|
63,216
|
-
|
-
|
|
Other interest-earning
deposits
|
721,174
|
496
|
0.27%
|
477,269
|
226
|
0.19%
|
|
|
|
|
|
|
|
|
|
Total interest-earning
assets
|
7,593,166
|
95,086
|
5.00%
|
6,877,372
|
92,156
|
5.37%
|
|
|
|
|
|
|
|
|
|
Noninterest earning assets
(e)
|
588,945
|
|
|
669,511
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
$
8,182,111
|
|
|
7,546,883
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and shareholders'
equity:
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
Savings
accounts
|
$ 1,058,373
|
1,695
|
0.64%
|
934,213
|
1,852
|
0.79%
|
|
Interest-bearing demand
accounts
|
786,488
|
249
|
0.13%
|
755,158
|
434
|
0.23%
|
|
Money market
accounts
|
906,414
|
1,209
|
0.53%
|
805,347
|
1,768
|
0.87%
|
|
Certificate
accounts
|
2,456,893
|
13,872
|
2.24%
|
2,604,329
|
18,785
|
2.86%
|
|
Borrowed funds
(f)
|
892,461
|
7,326
|
3.26%
|
899,711
|
8,558
|
3.77%
|
|
Junior subordinated
debentures
|
103,094
|
1,436
|
5.45%
|
103,094
|
1,436
|
5.45%
|
|
|
|
|
|
|
|
|
|
Total interest-bearing
liabilities
|
6,203,723
|
25,787
|
1.65%
|
6,101,852
|
32,833
|
2.13%
|
|
|
|
|
|
|
|
|
|
Noninterest bearing
liabilities
|
671,412
|
|
|
569,269
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
6,875,135
|
|
|
6,671,121
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
|
1,306,976
|
|
|
875,762
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
8,182,111
|
|
|
7,546,883
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income/ Interest
rate spread
|
|
69,299
|
3.35%
|
|
59,323
|
3.24%
|
|
|
|
|
|
|
|
|
|
Net interest-earning assets/ Net
interest margin
|
$ 1,389,443
|
|
3.65%
|
775,520
|
|
3.45%
|
|
|
|
|
|
|
|
|
|
Ratio of interest-earning assets
to
|
|
|
|
|
|
|
|
interest-bearing
liabilities
|
1.22X
|
|
|
1.13X
|
|
|
|
|
|
|
|
|
|
|
|
(a) Average gross loans
receivable includes loans held as available-for-sale and loans
placed on nonaccrual status.
|
|
(b) Interest income includes
accretion/ amortization of deferred loan fees/ expenses, which was
not material.
|
|
(c) Average balances do not
include the effect of unrealized gains or losses on securities held
as available-for-sale.
|
|
(d) Interest income on tax-free
investment securities and tax-free loans are presented on a fully
taxable equivalent basis.
|
|
(e) Average balances include the
effect of unrealized gains or losses on securities held as
available-for-sale.
|
|
(f) Average balances include
FHLB borrowings, securities sold under agreements to repurchase and
other borrowings.
|
|
|
|
|
|
|
|
|
Average
Balance Sheet - unaudited
|
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
The following table sets forth
certain information relating to the Company's average balance sheet
and reflects the average yield on assets and average cost of
liabilities for the periods indicated. Such yields and costs
are derived by dividing income or expense by the average balance of
assets or liabilities, respectively, for the periods presented.
Average balances are calculated using daily
averages.
|
|
|
|
|
|
|
|
|
|
|
Year ended
December 31,
|
|
|
2010
|
2009
|
|
|
Average
|
Interest
|
Avg.
|
Average
|
Interest
|
Avg.
|
|
|
Balance
|
|
Yield/
|
Balance
|
|
Yield/
|
|
|
|
|
Cost
|
|
|
Cost
|
|
Assets:
|
|
|
|
|
|
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
Loans receivable (a) (b)
(d)
|
$ 5,487,645
|
330,431
|
6.03%
|
5,199,829
|
321,764
|
6.17%
|
|
Mortgage-backed
securities (c)
|
816,182
|
25,271
|
3.10%
|
720,683
|
27,263
|
3.78%
|
|
Investment securities (c)
(d)
|
369,858
|
20,572
|
5.56%
|
360,620
|
22,390
|
6.21%
|
|
FHLB stock
|
62,688
|
-
|
-
|
63,162
|
-
|
-
|
|
Other interest-earning
deposits
|
805,161
|
2,097
|
0.26%
|
297,228
|
641
|
0.21%
|
|
|
|
|
|
|
|
|
|
Total interest-earning
assets
|
7,541,534
|
378,371
|
5.02%
|
6,641,522
|
372,058
|
5.59%
|
|
|
|
|
|
|
|
|
|
Noninterest earning assets
(e)
|
578,317
|
|
|
523,038
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
$
8,119,851
|
|
|
7,164,560
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and shareholders'
equity:
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
Savings
accounts
|
$ 1,031,362
|
8,166
|
0.79%
|
850,707
|
6,501
|
0.76%
|
|
Interest-bearing demand
accounts
|
776,091
|
1,211
|
0.16%
|
739,102
|
2,536
|
0.34%
|
|
Money market
accounts
|
888,081
|
5,977
|
0.67%
|
752,166
|
8,471
|
1.13%
|
|
Certificate
accounts
|
2,483,481
|
59,820
|
2.41%
|
2,546,867
|
77,886
|
3.06%
|
|
Borrowed funds
(f)
|
896,843
|
32,054
|
3.57%
|
936,571
|
34,578
|
3.69%
|
|
Junior subordinated
debentures
|
103,094
|
5,699
|
5.45%
|
105,672
|
5,834
|
5.45%
|
|
|
|
|
|
|
|
|
|
Total interest-bearing
liabilities
|
6,178,952
|
112,927
|
1.83%
|
5,931,085
|
135,806
|
2.29%
|
|
|
|
|
|
|
|
|
|
Noninterest bearing
liabilities
|
634,119
|
|
|
540,536
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
6,813,071
|
|
|
6,471,621
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
|
1,306,780
|
|
|
692,939
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
8,119,851
|
|
|
7,164,560
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income/ Interest
rate spread
|
|
265,444
|
3.19%
|
|
236,252
|
3.30%
|
|
|
|
|
|
|
|
|
|
Net interest-earning assets/ Net
interest margin
|
$ 1,362,582
|
|
3.52%
|
710,437
|
|
3.56%
|
|
|
|
|
|
|
|
|
|
Ratio of interest-earning assets
to
|
|
|
|
|
|
|
|
interest-bearing
liabilities
|
1.22X
|
|
|
1.12X
|
|
|
|
|
|
|
|
|
|
|
|
(a) Average gross loans
receivable includes loans held as available-for-sale and loans
placed on nonaccrual status.
|
|
(b) Interest income includes
accretion/ amortization of deferred loan fees/ expenses, which was
not material.
|
|
(c) Average balances do not
include the effect of unrealized gains or losses on securities held
as available-for-sale.
|
|
(d) Interest income on tax-free
investment securities and tax-free loans are presented on a fully
taxable equivalent basis.
|
|
(e) Average balances include the
effect of unrealized gains or losses on securities held as
available-for-sale.
|
|
(f) Average balances include
FHLB borrowings, securities sold under agreements to repurchase and
other borrowings.
|
|
|
|
|
|
|
|
|
Average
Balance Sheet - unaudited
|
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
The following table sets forth
certain information relating to the Company's average balance sheet
and reflects the average yield on assets and average cost of
liabilities for the periods indicated. Such yields and costs
are derived by dividing income or expense by the average balance of
assets or liabilities, respectively, for the periods presented.
Average balances are calculated using daily
averages.
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
Three months
ended
|
|
|
December 31,
2010
|
September
30, 2010
|
|
|
Average
|
Interest
|
Avg.
|
Average
|
Interest
|
Avg.
|
|
|
Balance
|
|
Yield/
|
Balance
|
|
Yield/
|
|
|
|
|
Cost
|
|
|
Cost
|
|
Assets:
|
|
|
|
|
|
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
Loans receivable (a) (b)
(d)
|
$ 5,565,989
|
83,491
|
5.99%
|
5,569,014
|
83,753
|
6.00%
|
|
Mortgage-backed
securities (c)
|
879,958
|
5,886
|
2.68%
|
853,714
|
6,534
|
3.06%
|
|
Investment securities (c)
(d)
|
365,003
|
5,213
|
5.71%
|
378,145
|
5,243
|
5.55%
|
|
FHLB stock
|
61,042
|
-
|
-
|
63,242
|
-
|
-
|
|
Other interest-earning
deposits
|
721,174
|
496
|
0.27%
|
706,829
|
524
|
0.29%
|
|
|
|
|
|
|
|
|
|
Total interest-earning
assets
|
7,593,166
|
95,086
|
5.00%
|
7,570,944
|
96,054
|
5.06%
|
|
|
|
|
|
|
|
|
|
Noninterest earning assets
(e)
|
588,945
|
|
|
591,977
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
$
8,182,111
|
|
|
8,162,921
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and shareholders'
equity:
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
Savings
accounts
|
$ 1,058,373
|
1,695
|
0.64%
|
1,071,708
|
2,203
|
0.82%
|
|
Interest-bearing demand
accounts
|
786,488
|
249
|
0.13%
|
778,597
|
244
|
0.12%
|
|
Money market
accounts
|
906,414
|
1,209
|
0.53%
|
903,278
|
1,301
|
0.57%
|
|
Certificate
accounts
|
2,456,893
|
13,872
|
2.24%
|
2,446,317
|
14,024
|
2.27%
|
|
Borrowed funds
(f)
|
892,461
|
7,326
|
3.26%
|
898,618
|
8,150
|
3.60%
|
|
Junior subordinated
debentures
|
103,094
|
1,436
|
5.45%
|
103,094
|
1,437
|
5.45%
|
|
|
|
|
|
|
|
|
|
Total interest-bearing
liabilities
|
6,203,723
|
25,787
|
1.65%
|
6,201,612
|
27,359
|
1.75%
|
|
|
|
|
|
|
|
|
|
Noninterest bearing
liabilities
|
671,412
|
|
|
648,905
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
6,875,135
|
|
|
6,850,517
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
|
1,306,976
|
|
|
1,312,404
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
8,182,111
|
|
|
8,162,921
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income/ Interest
rate spread
|
|
69,299
|
3.35%
|
|
68,695
|
3.31%
|
|
|
|
|
|
|
|
|
|
Net interest-earning assets/ Net
interest margin
|
$ 1,389,443
|
|
3.65%
|
1,369,332
|
|
3.63%
|
|
|
|
|
|
|
|
|
|
Ratio of interest-earning assets
to
|
|
|
|
|
|
|
|
interest-bearing
liabilities
|
1.22X
|
|
|
1.22X
|
|
|
|
|
|
|
|
|
|
|
|
(a) Average gross loans
receivable includes loans held as available-for-sale and loans
placed on nonaccrual status.
|
|
(b) Interest income includes
accretion/ amortization of deferred loan fees/ expenses, which was
not material.
|
|
(c) Average balances do not
include the effect of unrealized gains or losses on securities held
as available-for-sale.
|
|
(d) Interest income on tax-free
investment securities and tax-free loans are presented on a fully
taxable equivalent basis.
|
|
(e) Average balances include the
effect of unrealized gains or losses on securities held as
available-for-sale.
|
|
(f) Average balances include
FHLB borrowings, securities sold under agreements to repurchase and
other borrowings.
|
|
|
|
|
|
|
|
|
SOURCE Northwest Bancshares, Inc.